Freddie Mac (NYSE:FRE) and Neighborhood Partnership Housing Services (NPHS) has that a new Borrower Help Center in Ontario, California has opened to help borrowers struggling with delinquent mortgages.
The new borrower help center is part of a mortgage modification outreach pilot program, with new centers in Ontario, California; Phoenix, Arizona; Chicago, Illinois and Washington D.C. The centers give borrowers a change to get free, confidential 'holistic' financial counseling to help prevent foreclosure so they can stay in their homes.
In making the announcement about the new borrower help center in Ontario, California, Dwight Robinson, Senior Vice President for Corporate Relations and Housing Outreach at Freddie Mac stated, "These centers are designed to help delinquent borrowers who are suffering during these trying times and want to save their homes from foreclosure but need a strong and reliable guide to navigate the workout process. We are working with NPHS because they have the expertise and the community's trust to be the difference that puts a borrower back on their financial feet and keeps a family in their home."
The help center will help to assess the borrower debt and credit issues that could affect their ability to make payments after a mortgage modification. Borrowers who receive credit counseling from a reputable group are 1.6 times more likely to avoid foreclosure than other borrowers, according to a NeighborWorks America study.
Holistic financial counseling includes an assessment of borrower debt and credit issues that could affect their ability to make their mortgage payments after a modification. A recent NeighborWorks America study found borrowers who received such counseling from reputable non-profit groups are 1.6 times more likely to avoid foreclosure than other borrowers.
Neighborhood Partnership Housing Services
"As an organization which is dedicated to making a difference in our community, NPHS is witnessing a rise of foreclosures throughout the Inland Empire", stated Jed Davis, NPHS Executive Director. "The collaboration of efforts between NPHS and Freddie Mac is not only innovative, it is effective. This partnership is allowing NPHS to reach out to our community and provide foreclosure prevention counseling to more families than ever."
The NPHS Borrower Help Center is located at 320 W. G Street, Suite 103 in Ontario, CA 91762. For more information, contact the center at 800-761-6747.
Freddie Mac also has a Borrower Help Network where participating non-profit organizations will provide similar free holistic financial counseling by phone to targeted Freddie Mac borrowers across the nation. (For more information, visit freddiemac.com/avoidforeclosure.)
Freddie Mac opens Borrower Help Centers in Chicago for foreclosure prevention
Written by Christine Nyholm
Huliq.com
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